Elon Musk backs Bitcoin, saying “Fiat is hopeless” on X when asked if his new political party would support the cryptocurrency.
Elon Musk has launched a new political force the America Party and confirmed that it will support Bitcoin. “Fiat is hopeless, so yes,” Musk wrote on X (formerly Twitter) when asked if the party would embrace Bitcoin.
The Tesla CEO unveiled the America Party over the weekend, claiming it’s time to break away from the traditional two-party system. “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk posted. “Today, the America Party is formed to give you back your freedom.”
Musk’s move follows his public fallout with Donald Trump over the $3.4 trillion “Big, Beautiful Bill,” which Musk slammed as a “disgusting abomination” that balloons the U.S. deficit. Trump hit back, calling Musk “completely off the rails” and dismissed the idea of a third party as historically doomed.
Musk, who once led the Department of Government Efficiency (DOGE), now plans to focus on flipping a few key Senate and House seats to influence major legislation. “That would be enough to serve as the deciding vote on contentious laws,” he wrote.
Billionaires Mark Cuban and Anthony Scaramucci have expressed interest in the America Party, which already has a website but isn’t yet registered with the Federal Election Commission.
As Musk’s political vision gains attention, Bitcoin is trading at $109,429, up 1.24% in the past 24 hours, according to The CoinMarketCap.
Musk’s latest move blends politics, crypto, and disruption, just as he always does.